CAF places its first Bond issue in Switzerland

  • The Corporation placed bonds for 200 million Swiss francs
  • CAF is the first Latin American issuer to access this market since 2005.

July 09, 2008

(Caracas, July 9, 2008).- The Andean Development Corporation today announced its first bond issue in the exclusive Swiss market. The placement was for 200 million Swiss francs (equivalent to approximately US$194 million) with a five-year term. The amount is the result of the demand received from over 20 institutional and private investors, which doubled the amount initially offered. The placement agent for the transaction was Credit Suisse.

"This is the first issue made by the Corporation in the Swiss market, one of the most exclusive, to which only highly-rated issuers have access," said Enrique García, president & CEO of the multilateral financial organization. "With this operation we are the first Latin American issuer to access this market since 2005 and the second in the last decade."

Thanks to its permanent presence in the most demanding international capital markets, the Corporation has issued foreign bonds for approximately US$2 billion in the last two years. This presence is part of the Corporation’s strategy to obtain funds that will be then used in order to concentrate it actions for the socioeconomic development of its 17 shareholder countries.

It is worth mentioning that CAF’s successful presence in capital markets is only possible because of the high credit ratings which have steadily improved during recent years. These high ratings are based on excellent financial indicators, a solid legal structure and the continuous commitment of its shareholder countries.

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